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Insureum (ISR) ICO Review

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Insureum is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.

Essential Information
Ico Time
Nov 15, 2019 – Jun 15, 2020
Token Name Insureum
Token Symbol ISR
Whitepaper View Whitepaper
Website Link Home
Price
1 ISR = 1 USD
Platform Ethereum
Soft Cap
5,000,000 USD
Hard Cap
20,000,000 USD

More about Insureum (ISR) ICO:

The Insureum Protocol uses blockchain to create a decentralized ecosystem that connects insurers, their policyholders, and third parties.

Despite the insurance industry’s success over the last 30 years, it has never been a technology leader. Finally, with the Insuruem Protocol, the insurance value chain will become cost efficient and simple, and create larger value in the insurance industry by enabling transactions between stakeholders. Insurance companies, policyholders and 3rd parties alike can all make transactions according to their own competencies, and all excess value (created from the transactions) is shared based on their contribution.

Zikto started negotiations with insurance and financial institutions in 2015, concerning the gathering and processing of lifecycle data. It was these new connections that led Zikto down the path toward changing their focus as a company.

The Zikto team realized that a lot of players in traditional finance-based sectors have a strong initiative to understand their current and potential customers. A data-gathering intermediary can be a real asset for these sectors to understand their target audiences. With reliable data, they can develop better products that are customized, digitalized and more cost-efficient.

However, it is very difficult and costly for these sectors to gather this data by themselves. It requires a significant investment of time and money to develop and integrate such a system, market it to the public, manage the data gathering processes, and analyze it. The Challenge, Zikto’s data integration platform, bridged the gap nicely by providing data and analysis gathered from various smart devices. Zikto secured a number of sales agreements and ongoing negotiations with global insurance companies, as The Challenge offered a good value-for-price. As just one of millions of app developers, Zikto ultimately decided to side with the win-win monetization strategy of adjusting their focus to the processing and integration of data.

Now, Zikto is expanding the idea of data sharing to another level: developing a protocol to facilitate the transactions. It will promote more stakeholders in the traditional insurance industry, benefiting all. Insurers will find easier ways to gather data, users and policyholders will have access to better insurance products, and third parties like app developers and sales agencies will find optimal ways to monetize their services and products.

The Insureum Protocol is a new blockchain-based insurance ecosystem that seeks to connect insurers, their customers, and developers. It is designed to assist insurance companies in tailoring insurance policies to individual lifestyles to provide unique incentives for customers.

Zikto’s vision is for the Insureum Protocol to create the conditions through which many new insurance products attractive to people under the age of forty are developed.

How can traditional, slow moving insurance companies create new cost-efficient processes and adapt to constantly changing market demand? Decentralization via blockchain technology will give these companies a way to outsource costly manual processes like gathering and analyzing data, and avoid falling behind.Insurance companies are facing drastic changes to the state of the market and its fundamental structure. While other industries adopt and adapt to global digitization trends, the conservative insurance industry is losing ground. Their growth has slowed hand-in-hand with the market due to a rapidly aging population and the changing lifestyles of new generations. Meeting the needs and wants of younger demographics is extremely challenging because of a lack of data and poor capability to deeply analyze it. Globally, a number of insurers are already providing data and digital-driven healthcare services to their policyholders to reduce the cost from claims. For example, the international Medolution programme supported by the National Research Council of Canada▫↗ is based on the idea of using digitization to reduce costs▫↗, while improving patient quality of life. The Canadian Government’s ‘Smart Health’ program▫↗ is similarly based on the idea of reducing costs with digitization.

7Despite the emerging market, there is a global trend of reduced growth in the insurance industry. This is mainly due to stagnancy in advanced markets such as the US and other developed countries including Germany, UK, and Australia, which are expected to see less than 1.5% growth through 2018. The non–life insurance market is forecasted to see a lower growth rate compared to the life insurance market, but the overall trend is almost identical in both markets.As a result of insurance companies’ poor access to data and inability to deeply analyze the data they do have, customers are stuck with limited options from insurance providers who present them with insurance plans which are not 100% suitable for their individual needs.About 30 years ago, the insurance industry experienced an age of innovation. New investment-linked products appealed to a wider range of customers. But since then, the only major innovations in the insurance industry have been the ability to compare plans and shop online. Insurance policies have remained largely the same with entrenched and standardized packages which are not tailored for individual lifestyles. Because of this, insurers are having a hard time attracting buyers in their twenties and thirties, as they do not find insurance offerings attractive. Even those who do consider buying insurance discover that their lifestyles are not well-matched with available insurance plans. These groups may avoid making an insurance purchase and may put off retirement planning as something to look into in another decade. Millennials also find that there is no clear way to subscribe to specific policies they want. For example, a car owner who only commutes less than 5 miles per day would not want to purchase the same insurance policy that their neighbor subscribes to, which covers more than 100 miles of driving per day. The traditional insurance products, by their nature, are not designed to cover different individual needs and wants.
Life insurers, for instance, have until now relied on actual medical data to create the actuarial tables their plans are based on. The problem is that this information is hard to get a hold of, as doctors and medical institutions are rightly reluctant to provide sensitive patient records. The lack of such information is even tougher for smaller companies who want to enter the scene but have no relevant data to rely on when creating their protection plans. For auto and other non-life insurances, there’s a virtually endless stream of user data available online, but very little of it provides insight that is useful to insurers in connection with the creation of new insurance products for a new generation of customers.After insurance policies are created and marketed, they go through a lengthy process known as underwriting before they come into force, where the insurance provider decides whether to issue the insurance policy to the customer. Between underwriting and making a claim, insurance companies, inspectors and customers may waste time and money in making sure that claims are valid and fraud-free.
It is extremely challenging (and expensive) for insurance companies to be agile and create their own platforms to collect necessary data to speed up product creation and underwriting. Especially considering the fact that there are plenty of platforms with almost identical purposes (e.g., mobile applications and websites), acquiring and retaining users on their own platforms is more difficult than it seems to be. Furthermore, policyholders are reluctant to give away their personal information without any incentive.Due to the difficulties stated above, currently, most insurance companies process their value chains manually. Customers are paying high premiums to insurance companies partly due to these poorly-managed value chains. According to reports published by McKinsey & Company, these costs can be reduced by 30% by automating and digitizing the processes. At the same time, there are a lot of services collecting user data but not effectively monetizing it. Many individual app developers use advertising as a monetization strategy, which is renowned to be the least effective, according to a survey by Combo App 13. If they can successfully monetize the acquired data in mutually beneficial way, it will be a game-changer for them.
2.0. Summary of The Insureum Protocol
The Insureum Protocol bridges the technology gap between the insurance industry, 3rd party developers (Applications & IoT), and policyholders. Unlike manually managed value chains, the Insureum Protocol uses blockchain technology to create a decentralized ecosystem which connects insurers, their policyholders, and third-party developers, and seeks to provide access to a plethora of individually anonymous, but demographically identifiable data. The premium paid will enrich the total value creation of the industry. Furthermore, the created value is shared based on each stakeholder’s contribution. In recent years, adjacent industries (finance and healthcare) have been seeking new ways to access customer data. In the insurance industry, IoT, wearables and other smart technology can give highly relevant information about customers to insurance companies that can help them tailor-make plans and create insurance products which appeal to potential customers.
For example; GPS and telematics tracking can inform insurance companies how fast someone drives, or suggest that a driver who regularly drives for long periods should schedule more breaks. Other technologies may track how often they go rock climbing, cycling, etc. Insurance companies could also determine the amount of steps taken during a normal day as one measure of health.Within the Insureum protocol ecosystem, insurers, their policyholders and third-party developers can exchange blockchain-based tokens called Insureum to buy and sell anonymized data. Insurers will receive the data they want and have the opportunity to develop totally new or even better types of insurance products, especially for usage-based insurance segmentation. Developers are incentivized to connect apps to the Insureum Protocol to receive Insureum, and policyholders are rewarded for sharing their anonymized data.The value of the Insureum Protocol is described below. The value to any particular stakeholder may vary depending on the future development of the Insureum Protocol and other factors. However, Zikto plans to ensure the main idea of Insureum-incentivized data-sharing will be actualized in the following ways during the first stage.
2.1. Policyholders
The Insureum Protocol gives policyholders more power to choose plans that perfectly match their lifestyles by providing insurers with diversified data, even though such plans will not be purchasable through Zikto or marketed via the Insureum Protocol, at least at the initial stage. However, we have plans to serve as a free marketplace for insurance products in the future after acquiring the proper regulatory license. When policyholders choose to share data, they are rewarded by being able to trade and earn cryptocurrency (Insureum). They could, at a later stage, perhaps also save time and effort when making claims, as most of the processes would be automated by utilizing smart contracts on the blockchain.By its fit-for-all nature, consumer insurance products cannot meet the needs of the various individual policyholders. With the Insureum Protocol, policyholders will be able to purchase customized insurance products such as (for example) pet insurance, car insurance only for long-distance driving, real estate insurance only during the holiday season, cybersecurity insurance and others for a more reasonable price. Secondly, the data that they currently share for free will be made more valuable. Data users (insurers and other third parties) will reward the policyholders (and other data providers like app users) for the data with Insureum. Considering that there is currently almost no reward for the data, this will dramatically impact perspectives on the value of the data. Imagine an insurance policy that rewards you if you hit metric goals like walking 10,000 steps per day. Or if you’re a safe driver and don’t slam your brakes in traffic, you’ll be entitled to a discount.
2.2. Insurance companies
Insurance companies will be able to create mini ecosystems that contain in-house or third-party apps that accurately gather and analyze the real data of (potential) policyholders. Within these ecosystems, cryptocurrency is exchanged 14between developers and insurance companies, and can be used to buy and sell anonymized data to develop and manage customized product offerings.Being able to identify fraud by cross-referencing transactions on the blockchain could also help insurance companies to save time and money when it comes to underwriting and the claims process.
2.3. Developers
Currently, many of the apps that gather user data via IoT devices don’t appear to have proper business models through which they may easily and quickly monetize this data. Using Insureum and The Insureum Protocol, app and API developers may be able to create and maintain a variety of new programs based on requests from insurers. The Insureum Protocol could be used by both insurance companies and developers to exchange apps and/or data in a turnkey ecosystem, with limited difficulty and costs due to transactional or trust issues, as all transactions will be based on Insureum and on a blockchain.
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